NNN REIT Inc (NNN) 2025 Q3 法說會逐字稿

Good day, everyone. Welcome to the NNN REIT third quarter 2025 earnings. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Steve Horn. The floor is yours.

大家好。歡迎來到 NNN REIT 2025 年第三季財報。（操作說明）現在，我很高興把發言權交給主持人史蒂夫霍恩。現在輪到你發言了。

Thanks, Kelly. Good morning. Thank you for joining NNN's third quarter 2025 earnings call. I'm joined today by our Chief Financial Officer, Vin Chao.

謝謝你，凱莉。早安.感謝您參加 NNN 2025 年第三季財報電話會議。今天和我一起的是我們的財務長Vin Chao。

NNN's disciplined growth strategy, proven operations, and commitment to deploying shareholder money and sufficiently accretive acquisition continues. Our focus remains on delivering long-term value, navigating market challenges, and capitalizing on opportunities that drive sustainable growth.

NNN 將持續秉持嚴謹的成長策略、成熟的營運模式，並致力於運用股東資金進行足夠的增值收購。我們始終專注於創造長期價值、應對市場挑戰以及抓住機遇，從而推動永續成長。

As detailed in this morning's press release, NNN delivered strong performance in the third quarter, the team did an outstanding job closing 20 deals containing 57 assets for $283 million. While maintaining balance sheet flexibility with $1.4 billion in total availability the industry-leading average debt maturity of nearly 11 years.

正如今天早上的新聞稿中詳細介紹的那樣，NNN 在第三季度取得了強勁的業績，團隊出色地完成了 20 筆交易，涉及 57 項資產，總額達 2.83 億美元。在保持資產負債表靈活性的同時，擁有 14 億美元的可用資金，以及近 11 年的行業領先平均債務期限。

Based on our consistent performance, we are raising our 2025 guidance for core FFO per share to a range of $3.36 to $3.40. And reflecting the strength and discipline of our multiyear growth strategy. In addition, we're increasing our 2025 acquisition value to a midpoint of $900 million, which would be an all-time high for the company.

基於我們持續穩定的業績，我們將2025年核心FFO每股收益預期上調至3.36美元至3.40美元。這體現了我們多年成長策略的實力和執行力。此外，我們將 2025 年的收購價值中位數提高到 9 億美元，這將是公司有史以來的最高水準。

Before we discuss today operations and market conditions, I want to highlight several important risk management events that demonstrate NNN's proactive approach and resilience. At home, emerging bankruptcy in late October and eliminated substantially all of its nearly $2 billion of funded debt and secured $500 million in a new financing. More importantly, NNN had 100% on of its leases affirmed during the restructuring, given the strong property level performance and low in-place rent.

在討論今天的營運和市場狀況之前，我想重點介紹幾個重要的風險管理事件，這些事件反映了 NNN 的積極主動和韌性。在國內，該公司於 10 月下旬申請破產，並基本消除了其近 20 億美元的已融資債務，同時獲得了 5 億美元的新融資。更重要的是，鑑於物業層面的強勁表現和較低的現有租金，NNN 在重組期間 100% 的租賃合約都得到了確認。

Moving to the vacant assets. By the end of the third quarter, we resolved 23 of the 35 furniture assets, and we have strong interest in the remaining assets. We expect to only have two left to work out by the end of the year. There's still a real possibility of reducing that number to zero. This rapid progress reflects both the quality of our real estate and the effectiveness of our disposition and leasing team members.

轉向閒置資產。到第三季末，我們解決了 35 件家具資產中的 23 件，我們對剩餘的資產非常感興趣。我們預計到年底前只剩下兩個問題需要解決。仍然很有可能將這個數字減少到零。這項快速進展既反映了我們房地產的質量，也反映了我們資產處置和租賃團隊成員的效率。

Around the same time, we were doing with the furniture tenant, we proactively took back 64 assets that were previously leased to a restaurant operator by quickly executing an indiction process. This decisive action allows us to reposition the assets for future growth.

大約在同一時間，在我們處理家具租戶事宜的同時，我們透過快速執行指示程序，主動收回了先前租給一家餐廳經營者的 64 項資產。這項果斷舉措使我們能夠重新配置資產，以實現未來的成長。

As we discussed on previous earnings calls, we executed a lease on 28 assets, which provided ample time for the new operator to prepare for openings, commenced rental payments, more importantly, allow us to evaluate the performance.

正如我們在先前的財報電話會議上所討論的，我們簽訂了 28 項資產的租賃協議，這為新營運商提供了充足的時間來準備開業、開始支付租金，更重要的是，也讓我們能夠評估其業績。

However, an unfortunate legal dispute that does not involve NNN arose between our new tenant and former tenant and is ongoing with no definitive end. With that backdrop, during the quarter, NNN and the tenant agreed to part ways due to the continued legal uncertainty, temporarily reducing our occupancy to 97.5% as of September 30.

然而，我們的新租戶和前租戶之間發生了一起不幸的法律糾紛，該糾紛與 NNN 無關，目前仍在進行中，尚未有明確的結束日期。在此背景下，由於持續的法律不確定性，NNN 和租戶在本季同意分道揚鑣，截至 9 月 30 日，我們的入住率暫時降至 97.5%。

Out of the 64 properties, 15 have been sold or re-leased, 12 more are slated to be resolved by year-end, and 14 more are expected to be sold during the first quarter. Based on our execution and current visibility since the end of September, we are confident that our occupancy will again exceed 98% by year-end. We have clear line of sight to resolving more than 75% of the former furniture and restaurant operator assets by the end of the first quarter of 2026.

在 64 處房產中，15 處已經售出或重新出租，另有 12 處預計將在年底前解決，還有 14 處預計將在第一季售出。根據我們自 9 月底以來的執行情況和目前的可見性，我們有信心到年底入住率將再次超過 98%。我們有明確的計劃，到 2026 年第一季末，解決原家具和餐飲業者資產的 75% 以上問題。

Importantly, NNN has already recognized the full financial impact of these events positioning us for earnings upside as we release these assets and redeploy the proceeds from the sales without the need for future capital.

重要的是，NNN 已經充分認識到這些事件的財務影響，這使我們能夠在釋放這些資產並將銷售所得重新部署到位後獲得收益增長，而無需未來的資本投入。

NNN's proactive management, rapid asset resolution reinforces our ability that turn short-term challenges into long-term value creation. We are well positioned to capture upside as these assets are resolved, further strengthening our portfolio and supporting continued growth.

NNN 的積極主動的管理和快速的資產處置增強了我們將短期挑戰轉化為長期價值創造的能力。隨著這些資產的處置完成，我們將能夠充分掌握上漲空間，進一步加強我們的投資組合，並支持持續成長。

Turning to the operating results. Portfolio of approximately -- or portfolio of 3,697 freestanding single-tenant properties across all 50 states continue to perform well. I would classify this quarter as a home run on renewals. 92 of the 100 renewed ahead of our historical renewal rate of 85%. More importantly, rental rates were 108% above prior rents.

接下來看一下經營業績。約 3,697 套獨立式單一租戶物業（遍佈美國 50 個州）的投資組合持續表現良好。我認為本季續約情況非常出色。 100份合約中有92份續約，高於我們以往85%的續約率。更重要的是，租金比之前的租金高出108%。

We also leased seven new properties to new tenants at rates of 124% of previous rents, demonstrating strong demand and execution. Our asset management team and leasing team have done a fantastic job getting deals done at a high level. Our tenant base remains stable, no material concerns at this time.

我們還以之前租金的 124% 的價格將七處新房產出租給了新租戶，這表明市場需求強勁且執行力強。我們的資產管理團隊和租賃團隊在達成高品質交易方面做得非常出色。我們的租戶基礎依然穩定，目前沒有重大問題。

Moving to acquisitions. During the quarter, we invested [$283 million on] 57 new assets, an initial cap rate of [$7.3 million] with an average lease duration of nearly 18 years due to the sale-leaseback nature of our deals. The first nine months, we've invested $750 million in 184 properties at a cash cap rate of $7.4 million, which has NNN tracking to a record year of acquisition buying.

轉向收購。本季度，我們投資了 2.83 億美元，購置了 57 項新資產，初始資本化率為 730 萬美元，平均租賃期限接近 18 年，這得益於我們交易的售後回租性質。前九個月，我們投資了 7.5 億美元購買了 184 處房產，現金資本化率為 740 萬美元，這使得 NNN 預計將創下收購購買的紀錄。

As we move through the year, cap rates for the most part have stabilized, and I don't see any material way either up or down as we head into the fourth quarter and for the deals we were pricing for the first quarter of 2026.

隨著今年的推進，資本化率在很大程度上已經趨於穩定，我認為在進入第四季度以及我們為 2026 年第一季度定價的交易中，資本化率不會有任何實質性的上升或下降空間。

As one of the original net lease companies in the public markets, NNN has successfully operated the diverse economic cycles, while private capital has increased competition, especially for the large portfolios, our disciplined approach and long-standing tenant relationships enable us to consistently execute and deliver a highly competitive environment.

作為公開市場上最早的淨租賃公司之一，NNN 已成功應對了各種經濟週期，而私人資本的加入加劇了競爭，尤其是在大型資產組合方面，我們嚴謹的方法和與租戶建立的長期關係使我們能夠持續地執行並提供極具競爭力的環境。

During the quarter, we sold 23 properties, 11 of which were vacant, generating $41 million in proceeds from redeployment into income-producing properties. Also, the properties we sold were not core assets and the sales were executed at approximately 145 basis points below our invested cash cap rate, demonstrating strong upfront underwriting and value extraction.

本季度，我們出售了 23 處房產，其中 11 處為空置房產，透過重新投資於創收房產，獲得了 4,100 萬美元的收益。此外，我們出售的房產並非核心資產，且銷售價格比我們的投資現金資本化率低約 145 個基點，這表明我們擁有強大的前期承銷能力和價值提取能力。

Our balance sheet is one of the strongest in the sector. Our credit facility has plenty of capacity, as I mentioned earlier, with no balance outstanding and we maintained the industry's best nearly 11 years weighted debt maturity.

我們的資產負債表是業內最強勁的之一。正如我之前提到的，我們的信貸額度充足，沒有未償餘額，並且我們保持了業內最佳的近 11 年加權債務到期期限。

NNN is well positioned to fund our remaining 2025 acquisition guidance and beyond. With a robust pipeline, strong financial foundation, improvement leadership, NNN is well positioned for continued success we are committed to optimizing our portfolio, driving sustainable growth, enhancing shareholder value.

NNN 完全有能力為我們 2025 年剩餘的收購目標以及未來更長遠的目標提供資金。憑藉強大的產品線、雄厚的財務基礎和不斷進步的領導力，NNN 已做好充分準備迎接持續成功。我們致力於優化產品組合，推動永續成長，提升股東價值。

With that, let me turn the call over to Vin for more color and detail on our quarterly numbers and updated guidance.

接下來，我將把電話交給 Vin，請他為我們帶來更多關於季度數據和最新業績指引的詳細資訊。

Thank you, Steve. Let's start with our customary cautionary statements. During this call, we will make certain statements that may be considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ from expectations are disclosed in greater detail in the company's filings with the SEC and in this morning's press release.

謝謝你，史蒂夫。讓我們先從慣例的警示性聲明開始。在本次電話會議中，我們將發表一些根據聯邦證券法可能被視為前瞻性陳述的聲明。本公司未來的實際業績可能與這些前瞻性聲明中所討論的事項有重大差異，而且我們可能不會對這些前瞻性聲明進行修訂以反映聲明發布後的變化。可能導致實際結果與預期結果不同的因素和風險已在公司提交給美國證券交易委員會的文件和今天早上的新聞稿中進行了更詳細的披露。

Now on to results. This morning, we reported core FFO of $0.85 per share and AFFO of $0.86 per share for the third quarter of 2025, up 1.2% and 2.4%, respectively, over the prior year period. Annualized base rent was $912 million at the end of the quarter, an increase of over 7% year over year. Our NOI margin was 98% for the quarter, while G&A as a percentage of total revenues and as a percentage of NOI was about 5%. Cash G&A was 3.6% of total revenues.

現在公佈結果。今天早上，我們公佈了 2025 年第三季的核心 FFO 為每股 0.85 美元，AFFO 為每股 0.86 美元，分別比去年同期增長 1.2% 和 2.4%。本季末，年化基本租金為 9.12 億美元，年增超過 7%。本季我們的淨營業收入利潤率為 98%，而一般及行政費用佔總收入的百分比以及佔淨營業收入的百分比約為 5%。現金一般及行政費用佔總收入的3.6%。

AFFO per share for the quarter was slightly ahead of our expectations, driven primarily by lower-than-planned bad debt and higher interest income on our cash balances. Free cash flow after dividend was about $48 million in the third quarter. Lease termination fees totaled $669,000 in the quarter or less than $0.05 per share. This line item has begun to normalize following the proactive monetization of the largest of our dark on paying tenants.

本季每股調整後營運資金略高於預期，主要得益於壞帳低於計畫以及現金餘額利息收入增加。第三季扣除股利後的自由現金流約為 4,800 萬美元。本季租約終止費總計 669,000 美元，即每股不到 0.05 美元。在我們積極主動地將最大的未付費租戶變現之後，該專案已開始恢復正常。

From a watch list perspective, there have been no material changes since last quarter. And while we remain vigilant regarding potential issues, we do not currently view any of our watch list tenants as near-term concerns.

從觀察名單的角度來看，自上個季度以來沒有發生實質變化。雖然我們仍對潛在問題保持警惕，但目前我們認為觀察名單上的任何租戶都不會在近期造成問題。

At Home, which remains on the box list, successfully exited bankruptcy with a significantly derisked capital structure, reducing total debt by $1.5 billion through the bankruptcy process. As expected, at home, as seen all of our properties, reflecting the strength of our underwriting and the high quality of our real estate.

At Home 仍在出售，該公司透過大幅降低資本結構風險，成功擺脫破產困境，並透過破產程序減少了 15 億美元的總債務。正如我們所見，在家就能看到我們所有的房產，這反映了我們強大的承保能力和我們房地產的高品質。

Turning to the balance sheet. Our Baa1 balance sheet remains in great shape. At the end of the quarter, we had no floating rate debt. No encumbered assets and $1.4 billion of liquidity, including full capacity on our $1.2 billion revolver and almost $160 million of cash. Our leverage ticked down modestly to 5.6 times from 5.7 times last quarter, and our debt duration remained the highest net lease space at 10.7 years.

接下來看一下資產負債表。我們的Baa1資產負債表依然保持良好狀態。季度末，我們沒有浮動利率債務。公司無任何抵押資產，擁有 14 億美元的流動資金，其中包括 12 億美元循環信貸額度的全部額度以及近 1.6 億美元的現金。我們的槓桿率從上季的 5.7 倍小幅下降至 5.6 倍，而我們的債務期限仍然是淨租賃領域中最高的，為 10.7 年。

As previously announced, on July 1, we issued $500 million of 4.6% and five-year unsecured notes. Additionally, during the quarter, we issued 1.7 million shares, primarily through our ATM as part of our overall capital plan for the year. In total, we raised $72 million in gross proceeds at a weighted average price of $42.89 a per share.

正如先前宣布的那樣，我們在7月1日發行了5億美元的4.6%五年期無擔保債券。此外，本季我們發行了 170 萬股股票，主要透過我們的 ATM 發行，這是我們年度整體資本計畫的一部分。我們總共籌集了 7,200 萬美元的總收益，加權平均價格為每股 42.89 美元。

Looking forward, we had a $400 million 4% coupon bond maturing later this month. With our July bond offering, we have prefunded a portion of this pending maturity and our force balance sheet provides us with multiple options to refinance accounts.

展望未來，我們有一筆 4 億美元、票面利率 4% 的債券將於本月稍後到期。透過 7 月的債券發行，我們已經預先支付了部分即將到期的款項，而我們現有的資產負債表為我們提供了多種帳戶再融資方案。

As I've stated on prior calls, our balance sheet is a source of strength, and we will look for ways to utilize this competitive advantage to support growth while protecting downside risk.

正如我在先前的電話會議中所說，我們的資產負債表是優勢所在，我們將尋找利用這一競爭優勢來支持成長並保護下行風險的方法。

On October 14, we announced a $0.60 quarterly dividend payable on November 14, which equates to an attractive 5.6% annualized dividend yield and a healthy 70% AFFO payout ratio. Notably since going public in 1984, NNN has paid over $5 billion in total dividends.

10 月 14 日，我們宣布將於 11 月 14 日派發 0.60 美元的季度股息，相當於 5.6% 的年化股息收益率和 70% 的健康 AFFO 派息率。值得注意的是，自 1984 年上市以來，NNN 已支付超過 50 億美元的股利。

I will conclude my opening remarks with some additional comments regarding our updated outlook. We are raising core per share guidance to a new range of $3.36 to $3.40 and AFFO per share to $3.41 to $2.45. Increases reflect our year-to-date outperformance versus plan as well as our updated assumptions over the balance of the year.

最後，我將就我們更新後的展望做一些補充說明。我們將核心每股收益預期上調至 3.36 美元至 3.40 美元，調整後營運資金 (AFFO) 每股盈餘預期上調至 3.41 美元至 2.45 美元。此次上調反映了我們今年迄今的業績優於計劃，以及我們對今年剩餘時間的最新假設。

We now expect to complete $850 million to $950 million of acquisitions of $250 million from our prior forecast. We expect fourth quarter acquisitions will be weighted towards the back half of the quarter.

我們現在預計將完成 8.5 億美元至 9.5 億美元的收購，比我們先前的預測增加了 2.5 億美元。我們預計第四季的收購活動將集中在下半季。

At the $900 million midpoint, our updated guidance represented a record level of annual investment volume for the company. We are also increasing our disposition outlook by $50 million to a new range of $170 million to $200 million. As a reminder, we typically fund our investments with a leverage-neutral 60-40 mix of equity and debt.

根據我們更新後的指導值，9億美元的中位數代表了公司年度投資金額創下的歷史新高。我們同時將資產處置預期上調 5,000 萬美元，達到 1.7 億美元至 2 億美元的新區間。再次提醒，我們通常採用槓桿中立的 60/40 股權和債務組合進行投資融資。

From a credit loss perspective, we are now including 25 basis points of bad debt in our full year outlook, including about 20 basis points booked year-to-date. This is down from our prior 60 basis points projection given our limited losses thus far, the successful resolution of the at-home bankruptcy, and the collection of prepetition rent from At Home. Lastly, there were no notable run rate adjustments to call in the third quarter.

從信用損失的角度來看，我們目前在全年展望中計入了 25 個基點的壞賬，其中包括今年迄今已確認的約 20 個基點的壞賬。鑑於我們迄今為止的損失有限、在家辦公破產案的成功解決以及從 At Home 收回破產申請前的租金，這一數字低於我們之前 60 個基點的預測。最後，第三節比賽中沒有出現值得注意的跑動率調整。

With that, I'll turn the call back over to the operator for questions.

這樣，我就把電話轉回接線生，回答大家的問題。

(Operator Instructions) [Jana Galan], Bank of America.

（操作員說明）[Jana Galan]，美國銀行。

This is [Dan Byun] on for [Jana]. My first question is we get a little bit more color around the outsized interest income as well as just what caused the increase at the low end of the range?

這是[Dan Byun]的報道[Jana]我的第一個問題是，能否更詳細地解釋一下巨額利息收入的情況，以及導致低端利息收入成長的原因？

Yes. For interest income, really, we did do the debt offering in July 1, and so we were sitting on a fairly high cash balance. And interest rates on that, we were deploying that into money markets and other short-term interest-bearing deposits and rates were a little bit better than we had projected. So that was driving interest income.

是的。就利息收入而言，我們確實在 7 月 1 日進行了債券發行，因此我們當時擁有相當高的現金餘額。我們將這些資金投入貨幣市場和其他短期計息存款，而利率比我們預期的要好一些。所以這就是利息收入的主要來源。

As far as the low end of the AFFO guidance, I mean, we did outperform for the quarter. And I think the upside is really fueled by the acquisition volume that we've had so far as well as what we expect for the balance of the year.

至於調整後營運資金（AFFO）預期下限，我的意思是，我們本季的表現確實超出了預期。我認為上漲的真正動力來自於我們迄今為止的收購量，以及我們對今年剩餘時間的預期。

Offset by a couple of things. And so I want to point to south. I think I saw a couple of notes suggesting the flow-through wasn't as much as expected. But if you look at our G&A guidance for the year, sort of the implied fourth quarter is a little bit higher than we had in the fourth quarter -- our third quarter.

受到一些因素的影響。所以我想指向南方。我好像看到一些評論說，實際的流通量沒有預期的那麼多。但如果你看一下我們對全年的 G&A 指引，你會發現隱含的第四季比我們第三季的第四季略高一些。

So that's just naturally just the timing of G&A expenses. And so there's a little bit of higher G&A in the fourth quarter and the third quarter. And as we deploy that cash into acquisitions, we will see interest income come down as well. So those are two things that are sort of a little bit of a headwind for the fourth quarter.

所以，這自然就是一般及行政費用的計入時間。因此，第四季和第三季的一般及行政費用略高一些。隨著我們將這些現金投入收購，利息收入也會隨之下降。所以這兩件事對第四季來說算是有點不利因素。

Got it. And just a follow-up on the acquisition volume. Just could we get a bit more on the rationale behind using equity to fund this, given that the current stock price in your presentation, you showed that your cost of capital is around 7.3% year-to-date. It was around 7.4% cap rates. If I can get a little bit more on kind of just the investment spread and the rationale on that?

知道了。關於收購量，我再補充一點。鑑於您簡報中顯示的當前股價，您表示今年迄今的資本成本約為 7.3%，那麼能否請您更詳細地說明一下使用股權融資的理由？資本化率約為7.4%。如果我能更詳細地了解一下投資組合的分佈以及背後的邏輯就好了？

Yes. Look, I mean, I think when we think about how we deploy capital, we're looking to issue or funded, it was 60-40 equity and debt. And as far as the WACC I think what we put in the deck. Really, we don't try to change that too often. That's probably higher than a long-term debt perspective, that's higher than we would be issuing today.

是的。你看，我的意思是，我認為當我們考慮如何部署資本時，我們考慮的是發行或融資，股權和債務的比例是 60-40。至於 WACC，我認為我們放在牌組裡的東西。實際上，我們並不經常嘗試改變這一點。從長期債務的角度來看，這可能高於我們的預期，也高於我們今天會發行的債券數量。

And so think about where are we positioned today and the potential for using a little bit shorter-term debt, just given how long our debt duration is. We probably could be in the mid-6s, maybe slightly higher than that on our hauling WACC. And so at that level, we can still fund 60-40 and be accretive on our acquisitions. We're certainly not looking to number up to drive growth.

因此，請思考我們目前的處境，以及考慮到我們債務期限較長，使用一些短期債務的可能性。我們的運送WACC可能在6%左右，甚至可能略高一些。因此，在這個規模下，我們仍然可以為 60-40 的收購提供資金，並實現收購增值。我們當然不是為了透過增加數量來推動成長。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

Maybe as a follow-on to that last question. I mean, [Tripla's] never really been a volume story historically, and it doesn't seem like spreads are uniquely attractive right now. So I guess I'm just wondering why we're seeing record volumes. Is that -- is it a pull from your relationship tenants? Or is there something that I'm missing on the cost of capital side that makes it more attractive than normal?

或許可以作為對上一個問題的後續。我的意思是，[Tripla] 從歷史上就不是一個以單行本為主的故事，而且現在看來，跨頁插圖似乎也沒有特別的吸引力。所以我想知道為什麼銷量會創下紀錄。這是──這是來自你關係租戶的拉力嗎？或者，在資本成本方面，我是否忽略了某些因素，使得它比通常情況下更具吸引力？

No. Again, you've been touched based on the cost of capital, yes. But our relationships are in the market, and we had the ability to do a little bit more elevated volume in the third quarter. And yes, basically, the tenants are kind of pushing us to do a little bit of the deals. And it's still accretive, maybe that historically as accretive. But yes, it's good deals, good real estate, and we can service the tenant base.

不。是的，你又受到了資金成本的影響。但是我們在市場上擁有人脈關係，因此我們有能力在第三季實現更高的銷售量。是的，基本上，租戶們都在推動我們完成一些交易。而且它仍然是累積性的，也許從歷史上看就是累積性的。是的，這是一筆划算的交易，優質的房產，我們能夠為租戶提供服務。

Okay. Got it. And then there's been a decent amount of talk on your peers' calls this quarter about increased competition. Obviously, you're seeing very high volumes. So I'm curious, are you seeing that? And is it impacting pricing at all?

好的。知道了。此外，本季同儕們在電話會議上也多次談到了競爭加劇的問題。顯然，交易量非常高。所以我很好奇，你看到了嗎？這是否對價格產生了影響？

I mean we've always operated in a highly competitive market, as I've been with the company. You had private REITs, non-traded REITs always in the market and it's a highly competitive space. The difference is now you're having more financial institution brand names that people recognize in the space.

我的意思是，自從我加入公司以來，我們一直在競爭非常激烈的市場中運作。市場上一直存在著私人房地產投資信託基金（REITs）和非上市房地產投資信託基金（REITs），這是一個競爭非常激烈的領域。現在的不同之處在於，人們在這個領域有了更多公認的金融機構品牌。

So that being said, the larger portfolios we're seeing increased competition and they're using leverage to lower the cap rates. The good news is NNN doesn't need to do that ridiculously high volume, so we don't need the big portfolios.

因此，我們看到規模較大的投資組合競爭加劇，它們正在利用槓桿來降低資本化率。好消息是 NNN 不需要達到那麼高的交易量，所以我們不需要龐大的投資組合。

And the $15 million to $20 million deals. We're not seeing that much competition outside of our ordinary competitors. We did five deals this past quarter under $5 million. So we're still finding our fair share.

還有那些價值 1500 萬至 2000 萬美元的交易。除了我們通常的競爭對手之外，我們並沒有看到太多的競爭。上個季度我們完成了五筆金額低於500萬美元的交易。所以我們仍在努力爭取我們應得的那份。

Michael Goldsmith, UBS. Your line is live.

瑞銀集團的麥可‧戈德史密斯。您的線路已開通。

You provided an update on that home, and it seems like the fishes dolly situation. But are you seeing any other credit issues within your portfolio? And what are your bad debt assumptions now maybe compared to where they were earlier in the year?

您提供了關於那棟房子的最新情況，看來是魚缸的問題了。但您的投資組合中是否還有其他信貸問題？那麼，您目前的壞帳預期與年初相比如何？

I'll take the first half of that. Currently, our overall portfolio, just based on the bad that we mentioned earlier is in really good shape. And we are getting to a solution on the restaurant and the furniture tenants here in short over the next four months. And I'll let Vin talked about the bad debt assumptions.

我要前半部。目前，僅就我們前面提到的不利因素而言，我們的整體投資組合狀況非常好。我們將在接下來的四個月內盡快解決這家餐廳和家具租戶的問題。至於壞帳假設，就讓 Vin 來談談吧。

Yes, Michael. As far as bad debt goes, as I mentioned in my prepared remarks here, we have assumed for the full year now 25 basis points of bad debt, that is down from our prior expectation of 60 basis points. And that's largely a function of at-home resolving with no issues and assuming all of our leases. We've also had pretty limited bad debt so far this year, roughly 20 basis points booked year-to-date. And then what's helping the fourth quarter a little bit here is we are actually getting prepetition rent from at home. So we'll have no for the loss from at home by the end of the year.

是的，邁克爾。至於壞帳方面，正如我在事先準備好的發言稿中所提到的，我們現在假設全年壞帳率為 25 個基點，低於我們先前預期的 60 個基點。這很大程度上是因為我們能夠在家中解決問題，並且承擔了所有的租賃責任。今年到目前為止，我們的壞帳也相當有限，年初至今大約只計入了 20 個基點。而對第四季有幫助的一點是，我們實際上收到了來自家裡的破產申請前租金。所以到年底我們將不會有任何主場失利。

Got it. And as a follow-up, can you just kind of walk through the occupancy path going forward? I think you kind of laid out some sort of laid out kind of the plan of disposing of some assets. But can you just kind of walk through the trajectory and where it should be kind of by the end of the year and during 2026.

知道了。作為後續問題，能否簡單介紹一下未來的入住流程？我認為你已經大致制定了一個處置部分資產的計劃。您能否大致介紹一下發展軌跡，以及今年底和 2026 年它應該達到的狀態？

Yes. Kind of when I touched based on my prepared remarks. For the most part, it's the restaurant operator and 15 have been solved. So we have 12 more that will be resolved by the year-end, which will help with our occupancy. And we have 14 more that are under contract or under advanced negotiations that potentially can be resolved a little bit in the end of the year.

是的。差不多就是我根據準備好的發言稿進行發言的時候。大部分案件都與餐廳經營者有關，目前已破獲 15 起案件。所以到年底前我們還有 12 個問題要解決，這將有助於提高我們的入住率。我們還有 14 筆交易已經簽訂合約或正在進行深入談判，這些交易有可能在年底前得到一些解決。

But if not, for the most part, it will be resolved in the fourth quarter and kind of what we talked about with our renewals being at 92% this past quarter. That helps with the occupancy on a go-forward basis. And we don't see any other tenants in the portfolio that are calling us that there's issues.

但即便沒有，大部分問題也會在第四季解決，就像我們上個季度續約率達到 92% 一樣。這有助於提高未來的入住率。而且我們沒有看到其他租戶打電話告訴我們有問題。

Yes. One other thing on that, Michael, Steve mentioned the former restaurant tenant. But on the for furniture tenant, we do have line of sight on 10 additional resolutions by the end of the year. So another 10 vacancies that were targeted to be out of completed by year engine.

是的。還有一件事，邁克爾，史蒂夫提到了以前的餐廳租戶。但就家具租戶而言，我們確實看到了在年底前實現另外 10 個目標的希望。因此，另有 10 個空缺職位原計劃在年內完成。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

The first one for me would be back on the cost of capital question. I'm just trying to think about '26 here. And Vin, I think you gave some helpful color on that your cost of debt might be a little bit tighter and therefore, there's some spread here, but it's inside of 100 bps.

對我來說，第一個問題仍然是資本成本問題。我只是想想26年的事。Vin，我認為你提供的資訊很有幫助，你的債務成本可能稍微低一些，因此這裡存在一些利差，但利差在 100 個基點以內。

I'm curious, at what point would your stock need to trade or where would your AFFO yields or your CapEx need to be where the spread would you would say is insufficient and therefore equity is no longer a consideration.

我很好奇，你的股票交易價格需要達到什麼水平，或者你的調整後營運資金收益率或資本支出需要達到什麼水平，你才會認為利差不足，因此不再考慮股權融資。

Yes. Look, I think the way we think about 2026, right, we've stated repeatedly that we can self-fund about $550 million without really hitting equity markets. And so that part is sort of addressed upfront. And then beyond that, we would require some additional equity if we wanted to maintain leverage mentality.

是的。你看，我認為我們對 2026 年的設想是，我們已經反覆聲明，我們可以在不真正進入股票市場的情況下，自籌資金約 5.5 億美元。所以這部分內容在前面就基本解決了。除此之外，如果我們想保持槓桿思維，還需要一些額外的股權。

Part of the solution could be to lean into dispositions a bit more. We do have higher vacancies than usual. And so that is a potential source of capital that can offset some of the equity needs or stock needs, I should say.

部分解決方案可能是更多地利用性格傾向。我們目前的職缺比平常多。因此，這是一種潛在的資金來源，可以抵消部分股權需求或股票需求。

But as far as when the stock price or where the stock price would be to say, hey, we're just cutting off equity. I mean I think that is hard question without knowing exactly what we're talking about buying. But I think the reality is we certainly don't want to be sufficiently less than where we're at today.

但要說股票價格何時或達到什麼水平，才能說「嘿，我們只是停止股權發行」。我的意思是，在不清楚我們究竟要買什麼的情況下，我覺得這個問題很難回答。但我認為現實情況是，我們當然不希望比現在的水平差太多。

And I think it's a case-by-case situation when we're dealing with the deal in front of us, it's hard to kind of talk theoretically.

我認為，在處理擺在我們面前的交易時，情況要具體分析，很難進行理論探討。

Okay. And then the second one would just be on sort of onetime fees, any termination fees, anything else that you've received this year that you would expect to roll off next year to be somewhat of a headwind? I know I think historically, you've talked about maybe a $3 million being a run rate number. Is that a reasonable expectation for next year? And what would that mean as far as [de-sale] from this year?

好的。第二點可能就是一次性費用、任何終止費，以及你今年收到的任何其他預計明年到期的費用，這些費用可能會對你造成一些不利影響？我知道，我認為從歷史數據來看，你曾說過 300 萬美元可能是個不錯的年平均收入數字。這是對明年的合理預期嗎？那麼，就今年的[減售]而言，這意味著什麼呢？

Yes. Well, I think we had booked about $11 million year-to-date. So I think $3 million is probably more consistent with historical levels, and you saw that our volume or lease emission volume in the quarter did normalize down to about $670,000.

是的。嗯，我想我們今年迄今為止的預訂金額大約是 1100 萬美元。所以我認為 300 萬美元可能更符合歷史水平，而且你也看到了，我們本季的租賃排放量確實正常化下降到約 67 萬美元。

So we are starting to see some normalization, as I mentioned in the last quarter, I think we had a number of very large dark but paying tenants that we've been working our way through, and that was driving the outside of the [tonation fees].

所以我們開始看到一些正常化跡象。正如我在上個季度提到的，我認為我們有一些規模很大的未出租但已支付租金的租戶，我們一直在努力解決這些問題，而這正是導致外部市場萎縮的原因。[音調費用]。

So call it, $11 million to $3 million, would be the $8 million headwind. But I will point out, though, if you look at our real estate expense net, that's going to be the offset, maybe not 100%, but we do -- we expect to be around 7.5 million of real estate expense net this year, and that's largely because of the vacancies.

所以，姑且算是 1100 萬美元對 300 萬美元，那就是 800 萬美元的逆風。不過我要指出的是，如果你看一下我們的房地產淨支出，這將會起到一定的抵消作用，也許不能完全抵消，但我們預計今年的房地產淨支出約為 750 萬美元，這主要是因為空置率較高。

As these vacancies they are addressed, and we kind of outlined visibility on 2020 plus by the end of the year to be resolved, that real estate expense and that will come down to our historical levels, which is closer to $12 million or so. So that will be a natural offset to termination had.

這些空缺職位正在逐步解決，我們已經大致規劃了 2020 年及以後的發展前景，到年底將解決房地產支出問題，屆時房地產支出將降至歷史水平，約為 1200 萬美元左右。所以這將是對終止懷孕的一種自然補償。

Spencer Glimcher, Green Street. Your line is live.

史賓塞‧格林徹，格林街。您的線路已開通。

In regards to the higher acquisition volume, despite the lower spreads you're seeing today, do you think that the increased competition is impeding your ability to push cap rates with existing tenants? Because I would think with the long-standing relationships here, you have some leverage just given surety of close and just familiarity with your team. So do you think that the alternative capital sources are kind of swinging the pricing power pendulum more to tenants than we've seen historically?

就收購量增加而言，儘管目前價差較低，您認為日益激烈的競爭是否會阻礙您提高現有租戶的資本化率？因為我認為，憑藉你們之間長期建立的關係，你們就擁有一定的談判籌碼，因為你們與團隊關係密切，而且彼此非常熟悉。所以你認為，與以往相比，其他融資管道是否正在使定價權的天秤更多地向租戶傾斜？

I mean our relationship tenants are very sophisticated tenants and understand what the market is. So we're not stealing properties from our tenants. Yes, we may get 5, 10 basis points for certainty of closing, saving money on the transaction costs because our documents are in place. But I don't think it's the increased competition because what I stated we're always operating in a highly competitive market, just the names come and go.

我的意思是，我們的長期租戶都是非常成熟的租戶，他們了解市場行情。所以我們沒有偷竊租戶的財產。是的，由於我們的文件齊全，我們可以獲得 5 到 10 個基點的成交確定性，從而節省交易成本。但我認為問題不在於競爭加劇，因為正如我所說，我們一直都身處競爭激烈的市場中，只是​​公司名稱來來去去而已。

Okay. Yes. And then I think you mentioned you did deals with seven new tenants and sorry if I missed this, but can you just provide some color on what industries or segments these are in? And you got a sense from these newer tenants that their growth pipeline look like in the next 12 to 24 months? Just trying to get a sense if these are higher-growth tenants in the near term.

好的。是的。然後，我想您提到您與七家新租戶達成了協議，如果我錯過了這一點，請您簡要介紹這些租戶分別屬於哪些行業或領域？從這些新租戶的情況來看，您對他們未來 12 到 24 個月的成長前景有何看法？我只是想了解這些租戶在短期內是否具有較高的成長潛力。

Yes. The seven new tenants were just vacancies that we re-leased and primarily in the convenience store, QSR, auto service sector. But no, I don't have a grasp to give you a good number about their growth trajectory over the next 12 months. However, there's high demand for our vacant assets. So I feel like our tenants are trying to grow, and we're actually getting some new tenants portfolio.

是的。這七位新租戶都是我們重新出租的空置店鋪，主要集中在便利商店、快餐店和汽車服務業。但是，我無法準確預測他們未來 12 個月的成長軌跡。然而，我們空置的資產需求量很大。我覺得我們的租戶正在努力發展壯大，而且我們實際上也獲得了一些新的租戶組合。

Smedes Rose, Citi. Your line is live. Your line is live.

Smedes Rose，花旗銀行。您的線路已開通。您的線路已開通。

We'll come back to me Smedes.

斯梅德斯，我們稍後再聯絡你。

Rich Hightower, Barclays. Your line is live.

Rich Hightower，巴克萊銀行。您的線路已開通。

I guess really quickly on the at-home rent. Have you guys disclosed the -- I guess, the amount of prepetition rent that you've gotten from them or that you expect in 4Q?

我猜很快就能付清房租了。你們有沒有披露——我猜是指你們從他們那裡收到的或預計在第四季度收到的破產申請前租金金額？

Yes, Rich. Yes, at this point, we haven't disclosed the dollar amount, but at this point, we have collected all of that.

是的，里奇。是的，目前我們還沒有透露具體金額，但目前我們已經籌集了所有款項。

Okay. Great. And then I guess, maybe bigger picture, just -- it seems like renewal spreads have been pretty good, maybe relative to history. I mean, do you expect that trend to continue, maybe just with sort of the supply-demand tightness in retail generally? I mean what are you kind of seeing on that front?

好的。偉大的。然後我想，從更宏觀的角度來看，續保利差似乎相當不錯，或許相對於歷史數據而言。我的意思是，你認為這種趨勢會持續下去嗎？或許只是因為零售業整體供需緊張的局面？我的意思是，你在那方面看到了什麼？

And as we move forward, I'm not expecting it to be below our historical norms given the conversations we're having for the 2026 renewals. But do I think it is sustainable on the re-leasing to have 125%? Probably not. It will be closer to kind of our 100% renewal probably or re-leasing. And the renewals, I kind of expect to fall between that 85%, 95% range.

隨著我們不斷推進，鑑於我們正在就 2026 年續約問題進行的討論，我預計它不會低於我們歷史的平均水平。但我認為以 125% 的比例進行再租賃是可持續的嗎？可能不會。很可能接近100%續租或重新租賃。至於續約率，我預計會在 85% 到 95% 之間。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Just want to look at the acquisition guidance. It looks like it's implying about $100 million to $200 million for the fourth quarter, which is typically a big quarter for you guys. So just curious if you pulled any deals forward into 3Q? Or are you just being conservative here?

只想看一下收購指引。看起來這意味著第四季營收約為 1 億至 2 億美元，這通常是你們的業績高峰期。所以，我只是好奇你們有沒有把任何交易提前到第三季？還是你只是比較保守？

I think it's a little bit of a combination, Wes, that we pulled a little bit of the deal volume into the third quarter. And as Ben mentioned, that we have some deals that are slated to close probably back half of the fourth quarter. So you do want to be a little conservative if they did slide to the first quarter.

韋斯，我認為這有點多種因素共同作用的結果，我們把一部分交易量轉移到了第三季。正如本所提到的，我們有一些交易預計將在第四季中期完成。所以如果他們的業績下滑到第一季，你確實需要採取一些保守的做法。

Ronald Camden, Morgan Stanley. Your line is live.

羅納德‧卡姆登，摩根士丹利。您的線路已開通。

This is Jenny on for Ron. I hope you guys are doing well. Just want to follow up on the AT Home portfolio. Just curious, are you looking to hold those assets? Or if you have any plan to kind of dispose down?

這裡是珍妮替榮恩報道。希望你們一切都好。我想了解AT Home的產品組合狀況。我只是好奇，您打算持有這些資產嗎？或者你有什麼處理掉它們的計劃嗎？

Yes. I mean, given the position that At Home is in currently, it was a balance sheet issue, and they solved that issue. Their credit profile going forward is pretty solid. But more importantly, it's a testament to the real estate quality and the in-place rent being so low on those assets that they're good real estate and financially, they're performing. So there's no knee jerk reaction to sell those assets. Now if somebody comes and offers us a really good deal, yes, absolutely, we would sell that at the right price.

是的。我的意思是，鑑於 At Home 目前的處境，這是一個資產負債表問題，而他們解決了這個問題。他們未來的信用狀況相當穩健。但更重要的是，這證明了這些房產的質量，而且目前的租金非常低，說明它們是優質房產，從財務角度來看，它們的表現也很好。所以目前還沒有立即出售這些資產的先決條件。現在如果有人給我們開出非常優惠的價格，是的，當然，我們會以合適的價格出售。

Makes sense. Just switching gears to kind of refinancing plan. Have you thought about your debt maturity in 2026 yet? And like what's your approach given the current rate environment?

有道理。只是換個思路，談談再融資計畫。您是否考慮過2026年到期的債務？那麼，在目前的利率環境下，你們的策略是什麼？

I think you said '26, (inaudible) the '25, but yes. As far as the November maturity, we are looking at a variety of options. As I mentioned, we have some flexibility on how we deal with it. Certainly, we could running on line for some period of time. We have plenty of capacity focused on our revolver. That's one option.

我想你說的是 '26'，（聽不清楚）'25'，但是的。至於11月到期的債券，我們正在考慮多種方案。正如我之前提到的，我們在處理這個問題上有一定的彈性。當然，我們可以在線運行一段時間。我們有足夠的產能專注於左輪手槍的研發。這是其中一種選擇。

We could -- obviously, we could hit the bond market. We are looking at we've been considering some bank debt as well. We've got a maturity hole in 2029 that fits. And given the size of what we expect we'll need by the end of the year here and it fits a bit more in line with bank loan as opposed to a bond deal.

我們當然可以──當然可以進入債券市場。我們正在考慮，也一直在考慮銀行貸款。我們在 2029 年有一個合適的成熟度缺口。考慮到我們預計到今年年底所需的資金規模，這更像是銀行貸款而不是債券交易。

So a couple of different options we're weighing, but we certainly are -- we've got lots of options as well.

所以我們正在權衡幾種不同的方案，但我們當然還有很多其他選擇。

Linda Tsai, Jefferies. Your line is live.

Linda Tsai，傑富瑞集團。您的線路已開通。

If your cost of equity stays the same, with the mix of disposed and free cash flow and debt usage look similar for 2026 acquisitions?

如果您的權益成本保持不變，且2026年的收購中已處置資產和自由現金流以及債務使用情況與之前類似，那麼請問如何安排？

Yes. I think if our cost of equity stay where it's at, it certainly makes the hurdle it makes it a little bit more challenging. So I mean, depending on what we're sourcing on the acquisition side will be part of the equation. But I think from a disposition perspective, yes, equity where it's at today, dispositions could be an alternative form of equity to help fund yields.

是的。我認為，如果我們的股權成本保持不變，這無疑會使障礙變得更具挑戰性。所以我的意思是，我們在收購方面所購買的資源將是決定性因素之一。但我認為從處置的角度來看，是的，就目前的股權狀況而言，處置可以成為一種替代性的股權形式，以幫助籌集資金提高收益。

So yes, I mean I think free cash flow is what it is. It's not like I can increase that just or decrease it something that will be around $200 million or so. But I think that's a good point, though, and we're talking about the spread. I know that that's what folks are focused on in terms of earnings and whatnot. But from a cash flow perspective, even if the spread is a little tighter than we'd like it to be, we are still getting good cash flow spread on that.

所以，是的，我的意思是，我認為自由現金流就是這樣。我不可能隨意增加或減少這個金額，它大概在2億美元左右。但我認為這是一個很好的觀點，而且我們正在討論的是傳播。我知道大家都很關注收入等方面的問題。但從現金流的角度來看，即使利差比我們希望的要小一些，我們仍然獲得了良好的現金流利差。

If we think about the dividend yield. And so that generates more free cash flow, which then generates additional internal capacity.

如果我們考慮一下股息殖利率。這樣就能產生更多自由現金流，進而產生額外的內部產能。

And then on Steve's comments that tenants are pushing you to do more deals. Can you give us some color on who these tenants are? And would these be the same types of tenants that would push you to do more higher acquisition volume in '26?

然後是史蒂夫的評論，他說租戶們正在催促你們達成更多交易。可以跟我們介紹一下這些租戶是誰嗎？這些租戶類型是否會促使你們在 2026 年實現更高的收購量？

No. I mean, when I say push, there's opportunities to do deals with that event. And we passed on a lot, and we did at elevated number this year. But historically speaking, we kind of did that $750 million range. So midpoint of $900 million is not a big jump in acquisition volume per se, it just elevated a little bit.

不。我的意思是，我說“推動”，是指有機會利用這個機會達成交易。我們放棄了很多，而且今年放棄的數量尤其多。但從歷史角度來看，我們差不多做到了 7.5 億美元左右。因此，9億美元的中點本身並不是收購規模的大幅成長，只是略有上升而已。

But primarily, it was kind of the auto services, auto parts of our portfolio that are being active of doing some new development and small M&A.

但主要還是我們投資組合中的汽車服務和汽車零件業務正在積極進行一些新的開發和小規模併購。

Does that continue in '26?

這種情況會延續到2026年嗎？

In 2026, we only have line of sight in our industry, 60, 90 days. And the first quarter is starting to -- or pricing deals in the first quarter right now. I can't speak second or third quarter if they continue.

到 2026 年，我們這個產業只有 60 到 90 天的可視時間。第一季已經開始——或者說，現在正在製定第一季的定價策略。如果他們繼續這樣下去，我無法預測第二季或第三季的情況。

One final follow-up, just on the idea of tenants not calling you with any credit issues. What is the line of sight for that type of situation?

最後還有一個後續問題，關於租戶沒有就任何信用問題打電話給你這件事。在這種情況下，視線範圍是多少？

Usually, it's -- I mean, it could be 12 months. It's amazing how retailers have the innate ability to keep paying rent when things are going -- being challenged. Just per se, when you take a public company that's traded on the stock exchange just because their stock is getting hit doesn't mean they can't pay rent. They're just not as profitable. So we usually have a line of sight of 12 months plus.

通常情況下，——我的意思是，可能是 12 個月。令人驚訝的是，零售商似乎總有本事在經營不善、面臨挑戰的情況下繼續支付租金。就其本身而言，即使一家上市公司的股票受到衝擊，也不代表該公司就付不起房租。它們獲利能力沒那麼強。所以我們通常可以預見未來 12 個月甚至更長。

Just like when we were talking about freshes. I mean we were talking about fresh as 12 to 18 months because they knew the challenges were coming, and we started trying to work with them. But yes, so right now, as far as 2026, we're not hearing any rules.

就像我們之前聊到新鮮事的時候一樣。我的意思是，我們當時談論的是12到18個月的新人，因為他們知道挑戰即將到來，所以我們開始嘗試與他們合作。但是，就目前而言，到 2026 年，我們還沒有聽到任何規則。

Jim Kammert, Evercore ISI.

Jim Kammert，Evercore ISI。

Actually, just on that last point, Steve. First is kind of interesting. You said the tenant had a dispute with its former landlord or I missed that entirely. I'm trying to understand also what rent would have been collected by NNN in the third quarter that you would theoretically didn't lose correct in the fourth quarter?

其實，就最後一點而言，史蒂夫。第一點挺有意思的。你說房客和前房東有糾紛，還是我完全錯過了？我還想了解一下，如果 NNN 在第三季收取了租金，那麼理論上您在第四季就不會損失這些租金，對嗎？

I'll touch on the first part. The former tenant fishes entered into a lawsuit with our new tenant to operate in the markets and it's tied up in the courts. And we thought we were going to have resolution spring time, early spring, but the courts keep delaying decision first kicked it out. I believe it was September then kicked it out until November. And that's when we decided we have to move forward and monetize these assets or re-lease them.

我將簡要地談談第一部分。原租戶因經營問題與新租戶對簿公堂，目前案件仍在法院審理中。我們原本以為會在春季，或早春時節得到解決，但法院一再拖延裁決，先是駁回了此案。我記得是九月開始的，然後就一直延到十一月份。正是在那時，我們決定必須推進此事，將這些資產變現或重新出租。

Yes. And Jim, on your second part of your question, I'm not sure I was following there. You were saying something about getting some fleet in and then giving it back later was a follow-up.

是的。吉姆，關於你問題的第二部分，我不太明白。你剛才提到要引進一些艦隊，然後再歸還，這是後續內容。

No, I'm sorry, I'm saying, did you collect rent from, I guess, it was [Dollies] or whatever it was the new tenant. Did you collect rent fund in the third quarter, meaning that, obviously, you're taking these assets back (technical difficulty)

不，對不起，我是說，你有沒有向新租戶，我猜是[Dollies]或其他什麼地方收取租金？第三季你們是否收取了租金？這意味著，顯然，你們正在收回這些資產。（技術難題）

(Operator Instructions) John Massocca, B. Riley Securities. Your line is live.

（操作說明）John Massocca，B. Riley Securities。您的線路已開通。

Apologies maybe if I missed this earlier in the call, but the other element of the guidance, right, is the ramp expected in 4Q in disposition activities. And I'm imagining the [dollar lease] situation plays a part in that. But is there anything else factoring into the acceleration in dispositions expected by year-end? And I guess in the context of the form of restaurant properties, the furniture properties, the broader market, like how should we expect the split in 4Q disposition activity to be between vacant and rent-paying assets?

如果我之前在電話會議中漏掉了這一點，請見諒，但指導意見的另一個要素，對吧，是預計第四季度資產處置活動將逐步增加。我認為（美元租賃）情況在其中起到了一定作用。但除了以上因素外，還有哪些因素會導致預計到年底資產處分加速成長？我想，就餐飲物業、家具物業以及更廣泛的市場而言，我們應該如何預期第四季度處置活動中空置資產和出租資產之間的比例？

Yes. I mean I think you're spot on in terms of the restaurant operator, the decision to kind of move in a different direction there is leading to some additional sale of assets. And so yes, there will be a higher mix of vacant sales than maybe we've historically had. Exactly what the split is, I can't say for sure, but I think plus might be vacant sales at this point in [gout] visibility.

是的。我的意思是，我認為你對這家餐廳經營者的看法非常正確，他們決定朝不同的方向發展，這導致了部分資產的出售。所以，是的，空置房產的銷售比例可能會比以往更高。具體比例我還不能確定，但我認為在目前[痛風]可見度較高的情況下，加上空置房產的銷售可能更多。

And I guess kind of following on that question, is beyond what's going on with the former restaurant tenant properties. Is some of that increase in disposition activity at all a reaction to maybe where cap rates in capital markets are kind of diverging. Or is that just purely kind of working out of the former fishes in bad tack assets?

我想，這個問題其實與之前的問題有關，那就是前餐廳租戶的房產究竟發生了什麼事。資產處置活動的增加是否部分是對資本市場資本化率分化的一種反應？或者這只是利用以前那些裝備不好的魚群來進行一些調整而已？

Yes. It's the latter part more so, but there's a high level of interest, and we have the opportunity to dispose of the former restaurant assets at good pricing. And then secondly, there's a fair amount of interest if it's QSR, convenience store for some of those restaurant assets as well.

是的。後半部的情況更為明顯，但市場對此非常感興趣，我們有機會以合理的價格處置先前的餐廳資產。其次，如果是速食店或便利商店之類的餐飲資產，也會有相當多的人感興趣。

I guess, I mean, I don't know if you don't give guidance on this, but it would be fair to assume kind of cap rate trends in the last two quarters continue into 4Q for occupied sales?

我想，我的意思是，我不知道您是否會就此給出指導，但可以合理假設，過去兩個季度的資本化率趨勢會延續到第四季度的已出租物業銷售中嗎？

The occupied sales, yes, I still think for modeling purposes, 100 basis points inside of where we're deploying capital is probably a better number [not] because the tenant mix, we may do some dispositions that are defensive that would be a little bit elevated for proactive portfolio management, also selling assets at a real low cap rate. Yes, 100 basis points is what I would model.

對於已出租物業的銷售，是的，我仍然認為，出於建模的目的，在我們部署資本的位置內浮動 100 個基點可能是一個更好的數字，[不是]因為租戶組合，我們可能會進行一些防禦性處置，這對於積極的投資組合管理來說會稍微高一些，同時也會以非常低的資本化率出售資產。是的，我會以100個基點為模型。

(Operator Instructions) There appear to be no further questions in queue at this time. I would now like to turn the floor back over to Steve Horn for closing remarks.

（操作員指示）目前隊列中似乎沒有其他問題。現在我謹將發言權交還給史蒂夫‧霍恩，請他作總結發言。

Thanks for joining us this morning, and we'll see many of you in person in the next few weeks and then into NAREIT. Enjoy the rest of your day. Thanks.

感謝各位今天上午的參與，我們將在接下來的幾週內與大家見面，之後還會參加 NAREIT 的會議。祝您今天餘下的時間愉快。謝謝。

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。